What are the recent trends in market size and growth for the steel products market?
The steel products market size has grown strongly in recent years. It will grow from $482.61 billion in 2024 to $510.92 billion in 2025 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to economic cycles, globalization, government policies, technological advancements.
The steel products market size is expected to see steady growth in the next few years. It will grow to $609.09 billion in 2029 at a compound annual growth rate (CAGR) of 4.5%. The growth in the forecast period can be attributed to infrastructure development, automotive industry, raw material availability, sustainable practices, global economic trends. Major trends in the forecast period include electrification and lightweighting, advanced materials, additive manufacturing, digitalization and connectivity, collaboration and partnerships,.
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How have varous drivers impacted the growth of the steel products market?
Rapidly growing urban populations are expected to drive the demand for steel products in the forecast period. A large number of people living in rural areas are migrating to urban areas in search of a better life. This is expected to increase the need for housing and infrastructure. Infrastructure demand is expected to increase significantly in Asian countries such as China, India, Vietnam, and the Philippines. According to the World Urbanization Prospects Report by the United Nations, 55% of the world’s population lived in urban areas and the rate is expected to rise to 68% by 2050. According to the World Bank, the urban population in South Asia grew by 130 million and is expected to grow to 250 million by 2030.
What are the primary segments of the steel products market?
The steel products market covered in this report is segmented –
1) By Type: Rolled And Drawn Steel, Iron And Steel Pipe And Tube
2) By Product Type: Flat Steel, Long Steel, Tubular Steel, Steel Pipes, Steel Tubes
3) By Application: Construction, Automotive, Energy, Packaging, Other Applications
Subsegments:
1) By Rolled And Drawn Steel: Hot Rolled Steel, Cold Rolled Steel, Drawn Steel
2) By Iron And Steel Pipe And Tube: Seamless Pipes And Tubes, Welded Pipes And Tubes, ERW (Electric Resistance Welded) Pipes, Spiral Welded Tubes, Stainless Steel Tubes, Alloy Steel Pipes And Tubes
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Which firms are leading the steel products market?
Major companies operating in the steel products market include Angang Steel Company Limited, Steel Authority of India Limited, SSAB AB, Nucor Corp, Compagnie de Saint-Gobain S.A., Saint-Gobain S.A., Nippon Steel & Sumitomo Metal Corporation, Kobe Steel Ltd., Vallourec SA, Voestalpine AG, Mechel PAO, Nippon Steel Corporation, HBIS Group, POSCO, Shagang Group, Ansteel Group, JFE Steel Corporation, Tata Steel, Shougang Group Co. Ltd., Shandong Iron and Steel Group Co Ltd., Baosteel Group, Wuhan Iron and Steel Corporation, Maanshan Iron and Steel Company Limited, Gerdau S.A., Steel Dynamics Inc., ThyssenKrupp AG, United States Steel Corporation, JSW Steel Limited, Severstal, Evraz Plc, Novolipetsk Steel, Hyundai Steel, Essar Steel, Rizhao Steel, CITIC Limited, China Fangda Group, Guangxi Liuzhou Iron and Steel Group, Inner Mongolia Baotou Steel Union Co. Ltd.
Which market trends are set to define the future of the steel products market?
Metal manufacturing companies are increasing research and development (R&D) expenditure to launch new product lines. They are launching advanced products such as ultra-light alloys as opposed to commodities. For instance, in April 2022, according to the US government’s FY 2023 budget, the government proposed to spend $111 billion for basic and applied research, an increase of $25 billion (29%) over FY 2021 spending levels, and over $100 billion for the first time, and total spending for R&D of $205 billion, an increase of $45 billion over FY 2021 (28%), and over $200 billion for the first time. Thus, the introduction of new product lines through increased R&D spending is a significant trend in the metal manufacturing industry.
How do regional factors impact the steel products market, and which region is the largest contributor?
Asia-Pacific was the largest region in the steel products market in 2023. Western Europe was the second-largest region in the steel products market. The regions covered in the steel products market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Steel Products Market Report 2025 Offer?
The steel products market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Steel products are products derived from steel and iron metal and its alloys obtained through the solidification of hot metal in a pig casting machine to produce various shapes, and are drawn through the rolling or drawing of purchased iron or steel and draw steel wire.
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